Term life insurance

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Term life insurance

A contract that provides a death benefit but no cash build up or investment component. The premium remains constant only for a specified term of years, and the policy is usually renewable at the end of each term.

Term Life Insurance

A life insurance policy that provides coverage only for a certain period of time. A term life insurance policy provides a benefit upon the death of the policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder is not reimbursed for the premiums paid over the life of the policy. A term life insurance policy does not include some of the other benefits of a whole life policy, such as a savings component.
References in periodicals archive ?
A policy that provides a permanent benefit may be treated in part as group term life insurance if (1) the policy or the employer designates in writing the part of the death benefit provided each employee that is group term life insurance; and (2) the part of the death benefit designated as group term for any policy year is at least the difference between the total death benefit under the policy and the employee's "deemed death benefit" at the end of the policy year.
(1) In meeting the twin objectives of family security and reduced cost, most plans offer group term life insurance together with group hospital, surgical, and major medical coverage.
Group-term life insurance is term life insurance protection (i.e., insurance that covers the insured person for a fixed period of time) that:
While considering my savings and investment options I came across the cover "term life insurance".
THE NEA MEMBERS INSURANCE TRUST[R] is welcoming new members in the 2008-09 school year with $15,000 of term life insurance at no cost.
With the 10-Year Level Term Life, you decide how much protection you need, from $100,000 to $1,000,000.
Fidelity Life, Oak Brook, Ill., has introduced Rapid Decision Mortgage Term life insurance, a product that can provide up to $500,000 in coverage while guaranteeing that premiums will stay level for a term of 15, 20, 30, or 40 years.
Some term life insurance policies can be converted to variable life insurance.
Up to $2 million in group term life coverage with an equal amount of accidental death and dismemberment benefits for individual members.
Many of you who take advantage of ASAE's group Term Life Plan may have noticed a hefty increase in your latest invoice.
I recognize that many couples like to use the word partner; but I and many of my gay and lesbian friends prefer boyfriend, girlfriend, and lover Perhaps the term life partner has evolved into partner, but that's unfortunate, because the former sounds much better titan the latter.